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Research Waves

Author

Listed:
  • Baccara, Mariagiovanna
  • Levy, Gilat
  • Razin, Ronny

Abstract

Competing research waves start and grow as scientists choose their specialization driven by career incentives. We build a strategic experimentation framework where agents irreversibly choose between two risky fields, and information arrives faster as more agents specialize in a field. In the `bad news' case, if no news arrives, all agents join a bandwagon wave into one field. In the `good news' case, both fields are explored in two sequential surges, followed by slow entry into the initially inferior field. We describe how the equilibrium depends on the information-production technology, and assess the impact of first-mover advantages, congestion, and deadlines.

Suggested Citation

  • Baccara, Mariagiovanna & Levy, Gilat & Razin, Ronny, 2024. "Research Waves," CEPR Discussion Papers 19808, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:19808
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    File URL: https://cepr.org/publications/DP19808
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    More about this item

    Keywords

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    JEL classification:

    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O35 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Social Innovation

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